Most MMA observers assumed that Eddie Alvarez delivered what amounted to a farewell knockout when he put Patricky “Pitbull” Freire on the mat this past Friday at Bellator 76.

With Alvarez (24-3 MMA, 9-1 BFC) soon to be a free agent and the UFC signaling interest in the ex-lightweight champ, it seemed just a matter of putting pen to paper.

Alvarez, though, told MMAjunkie.com Radio (www.mmajunkie.com/radio) that sticking with his longtime promoter isn’t out of the question. He plans to meet with Viacom execs to discuss his future.

“It’s something that I didn’t think was going to happen,” the 28-year-old fighter said today. “It was put out there that I may be moving on, or they were going to move on without me.

“But now, it’s a little bit different, and the people at Viacom want to speak and I’m definitely going to sit down and listen to what they have to say. (Bellator CEO) Bjorn (Rebney) took care of me for the past four years, and I think it’s only right.”

Bellator retains exclusive rights to negotiate with Alvarez for 90 days, and then match offers from competing promotions for between six and 12 months, according to a source close to the fighter. His freedom, however, has been hotly anticipated by hardcore fans wanting to see how he’d fare against the UFC’s top fighters, and his stock recovered more of its value with back-to-back wins following the loss of his title 11 months ago to Michael Chandler.

Alvarez delivered an ultimatum to Rebney inside the cage following a first-round TKO of Shinya Aoki in April.

“Show me the money!” Alvarez crowed after his win, which avenged a 2008 submission loss to the former DREAM champ.

Rebney afterward spoke openly about the possibility that his promotion might not be able to match competing offers for Alvarez, and despite a fondness for the fighter, said it might be wiser to let the fighter walk.

Apart from a post-fight cage vault to kiss his wife, Alvarez was considerably more restrained following a head-kick knockout of Freire, saying competition trumped money in importance.

Viacom’s emergence as a negotiator, however, marks a new chapter in his history with Bellator, and could provide a lucrative reason to stay.

Alvarez did clarify that he would be entertaining offers from other promotions, presumably including the UFC. Following this past Saturday’s UFC 153, UFC President Dana White hinted that Alvarez would soon get a call from him to discuss a potential move to the octagon.

Alvarez said a one-off, non-title fight with Strikeforce champ Gilbert Melendez would be a win for the fighters, but added, “It doesn’t seem like the Strikeforce guys are that secure. I’m hearing rumors, so maybe he’s on his way out of his contract, as well.”

In any event, the veteran fighter sounded far less certain about his fate than before. Although he said Bellator’s unwillingness to allow him a direct rematch with Chandler remained a “sticking point,” he said the exposure offered by the promotion’s January move to Spike could be worth his while.

Rebney repeatedly has said Bellator won’t give Alvarez a shot at Chandler’s belt before he wins another lightweight tournament.

“For promotions, and for fighters, it’s risky business,” Alvarez said. “I spent 10 years of my life trying to build a reputation and build a name, and some guy out of nowhere with six fights or whatever, he doesn’t work nearly as hard and he gets a chance to throw a punch with his eyes closed and take everything you’ve earned. It sucks to see that, but that’s the nature of the sport. So you’ve got to do what you’ve got to do.”

MMAjunkie.com Radio broadcasts Monday-Friday at noon ET (9 a.m. PT) live from Mandalay Bay Resort & Casino’s Race & Sports Book. The show is hosted by “Gorgeous” George Garcia, MMAjunkie.com lead staff reporter John Morgan and producer Brian “Goze” Garcia. For more information or to download past episodes, go to www.mmajunkie.com/radio.